National Republican., 1887-10-13
The yireiDin Dabt,

The most important question the people
of Virginia have to consider when they go
TO the polls to elect the members OF the
next general assembly is the condition of
the states credit. This subject dwarfs all
others and should be considered without
the slightest partisan bias.
1t is.not possible to consider the question
without looking at the action Of the poit-
ical parties that have alternately controlled
the state, but men can divest them
selves Of political prejudice and determine
without reference to party names which
party has aaSIEee or attempted to do what Is
best for Virginia.
At the close Of the war, when recon
structed, Virginia was Impoverished 10 II
g.eater extent than any other OF the
southern states. Besides which Ouc.third
of her territory had been wrested from
her. A large debt, with several years OF
unpaid interest, hung like a pail over the
state.
The "Couseryitives,n as the Demo3r4.s
then called themselves, were IN power.
and they passed the McCul!o3h bin, which
was an sgreementiop pay the entire debt and
six per cent. interest. There was strOug
opposition TO this bill In the COnservAtiy
or Democratic ranks, based upon thes
grounds First, that West Virginia ouSh
to pay proportionate share Of the OLD
debt; second, that no interest ought to be
paid for the years of the war and the tln
before reconstruction; third, because tn
state was absolutely unable to pay thr
debt and high rate OF interest, because ol
its Impoverished condition, aud the cred
itors should be willing to accept lair
compromise.
The inability OF the state to pay, and the
other reasons given above, caused u split
in the Conservative or Democratic ranks,
and the Readjuster party, under the lead
ership Of Gen. Malone, came into power,
mainly through the active cooperation ol
the Republicans Of the state. This party
proposed to read just the debt upon equitable
principles, setting aside part for We5
Virginia to pay, and issuing new bonds fo
that portion of the debt which the stat,
admitted was due from 1t. One OF tn
conditions of this settlement was that tn
coupons on this new issue OF bonds shoulC
be receivable for all taxes due the state.
This plan, known as the Riddleberge
bill, because introduced by the senator o
that name, became law while the Repub
cans were IN power, for the Readjusters ha
soon affiliated with the Republicans upol
national issues, and took the name OF tina
party.
The Democrats, having dropped tn
name Of Conservative, accepted the Riddle
lAoar nlan aE "a final sntt lnmant NJ tho a OH
question, and In the canvass of 1888, whIc
put them In power, pledged themselves t
abide by and sustain this settlement. Sine
that time law has been passed which pre-
ecribtd methods Of making coupons avai
able for taxes 80 vexatious as TO almost ~
nul their value. As consequence sui
have been brought 10 test the validity {
this law, and the Supreme Court has twc
decided that coupons were legal tender "a
taxes, being part Of the contract undC
which the bonds were issued.
The result OF the law alluded to is tina
the debt OF the state is again the mos
prominent question OF state politics, an
the finances Of the state are ia such col
fusion as to seriously threaten its growt
and prosperity.
The NATIONAL REPUBLICAN,, haVin
carefully examined into the resources {
the state, the growth and development {
its vast but heretofore neglected wealtl
into It's liabilities, and its ability to pa.
suggests a plan which every man in vi
ginia can accept without regard to politics
or partisan bias, and which we believe wi
be readily accepted by the holders of Vii
ginia's hSnds.
Tie plan in brief Is this Let the amour
oIthe debt be fixed at about $25 OOO, 900 an
new, bonds running thirty years be issued l
place cstf those now out Let hUO-mH Ia
be set aside to pay the interest and retir
these bonds, aud let that tax be made by a
amendment provision OF the constitution
no that It tpiN be a constitutional tar for n
sole purpose or payiRg The state debt, I
cease when the debt is extlnguished.
These bonds should be registered bonds
the interest for the first ten years fixed a
two per cent, for the second ten years a